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ISCOVER
Staff Reporter
Suncorp Bank has ramped up its funding capabilities with the launch of a $1.6 billion covered bond.
The non-major had initially launched a $750 million 4.5 year fixed rate covered bond, however strong demand from European, Asian and local debt investors caused the increase.
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The bank said it sold a fixed rate bond, with a term of 4.5 years, at 140 basis points over mid-swaps. It also issued a A$500 million floating-rate tranche with a 2.5 year term at 105 basis points over the bank bill swap rate.
Barclays, Deutsche Bank AG, RBC Capital Markets and UBS have been mandated as Joint Lead Managers.
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